Deputy Prime Minister and Foreign Minister Receives European Bank for Reconstruction and Development Managing Director for Southern and Eastern Mediterranean Region

Baghdad, May 21, 2025 – Deputy Prime Minister and Foreign Minister Mr. Fuad Hussein, received Mr. Mark Davis, Managing Director for Southern and Eastern Mediterranean at the European Bank for Reconstruction and Development (EBRD), along with his accompanying delegation.

Minister Hussein welcomed Mr. Davis and the EBRD delegation, reaffirming Iraq’s commitment to strengthening its partnership with the Bank and providing the necessary facilitation to enable the launch of its banking activities in the country. As well the Minister emphasized the vital role of the EBRD in supporting development and reconstruction projects in Iraq.

On his part, Mr. Davis expressed the Bank’s sincere interest in opening a branch in Iraq and initiating its activities, indicating that the purpose of the visit is to assess the on-ground situation, engage with relevant officials, explore avenues for cooperation, and finalize the requirements for signing the host country agreement. He further stated that the EBRD has already begun procedures to appoint a branch manager in Baghdad and identify a suitable location to commence operations. Mr. Davis highlighted the importance of overcoming existing challenges in order to advance the banking system, enhance the Bank’s operational efficiency, and achieve its investment objectives.

Minister Hussein affirmed Iraq’s readiness to provide all necessary support to facilitate the Bank’s operations and contribute to the development of the country’s banking infrastructure. In addition the Ministe stressed that Iraq represents a promising environment for investment across various sectors, particularly in light of the prevailing security stability, adding that the government is keen to achieve tangible progress in developing the financial sector and strengthening the banking system, in a manner that supports investment opportunities and contributes to national economic growth.